Makes new lows as NORTH American enter
The EURUSD is making new day lows as NY traders enter. Greece concerns before the euro finance ministers meeting on April 24 are weighing down the pair.
What are the charts saying?
The high for the day occurred in the very 1st hour of trading. The momentum picked up pace in the London/European morning session. Looking at the hourly chart, the move lower is currently moving below the 1st major retracement of the move up from the April 13th low at the 38.2% level (that comes in at 1.0723 and testing the 100 hour MA at the 1.0710 level. The 100 hour moving average was last tested on Thursday before moving. The level should give traders a cause for pause, with stops below. Stronger support will likely be in the 1.0684-88 area where the 200 hour MA (green line), trend line support and the 50% retracement are all clustered together.
Looking at the intraday 5 minute chart, the pair has been marching lower during the London session. There is a topside trend line at the 1.0734 level. Stay below that on corrections and the sellers remain in control.
